BrandNewsDay reports that Citigroup Inc. has entered a partnership with Lagos-based social enterprise Babban Gona to increase lending to local smallholder farmers in a bid to boost agricultural output in Africa’s most populous country.
Babban Gona will administer a $10 million Citigroup Inc. financing to about 41,000 small farmers in the West African nation, it says in an emailed statement. Even though agriculture contributes a third of Nigeria’s economic output, it attracts less than 5% of bank loans.
The facility will enable farmers to improve income by 350% per hectare, Babban Gona said. The organization has extended nearly $200 million in loans to over 280,000 smallholder farmers, since its establishment in 2012.
The funding forms part of Citigroup’s $1 trillion global commitment to sustainable financing by 2030. The bank will do more and partner with more organizations once projects like that of Babban Gona are successful, Ireti Ogbu, chief executive officer of Citigroup Inc.’s Nigerian unit said.
“There is a pipeline of projects under consideration,” she said.
Citigroup plans to use its worldwide network to help fintech tap into the global financial market over the next few years.
Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…
A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…
The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…
Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…
The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…
This website uses cookies.